Frequently Asked Questions
- Is it true that firms have been restored to lender panels after mentioning to the lender that they are using COMPLETIONmonitor?
- We have heard this from a number of firms but can not say for certain as we have not been privy to lender's decisions. It is true that some lenders have seen the system and it has been shown to the FSA, BSA ,BoE and CML all of whom claimed to be impressed and confirmed that they had not seen any equivalent software. The CML are promoting the system off the CML Handbook web pages.
- When we attended the launch of the service at the Law Society in July 2011 there was mention of an insurance rebate. Do we qualify for this and which insurers participate?
Unfortunately, you are too late. Up until November 2012, provided you fully complied with the Terms and Conditions of the COMPLETIONmonitor service, your firm would have been entitled to receive a credit of up to £12.50 per transaction towards your next year's PI insurance premium. Conveycentric, in partnership with St Giles, had arranged for the credit to be offered across all UK insurers.
The insurance rebate served as an introductory promotion and was successful with thousands of users who signed up to COMPLETIONmonitor. Existing firms who were lucky enough to qualify will continue to receive a rebate until October 2013.
- Even if the rebate is no longer applicable do insurers recognise COMPLETIONmonitor?
- A number of insurers have referenced COMPLETIONmonitor on their renewal forms for 2012/2013.
- Are there any set-up, license fees or training fees for using the system?
- COMPLETIONmonitor is a pay-as-you-go system (£10 plus VAT per residential case) with no strings attached. There is no tie-in or minimum usage. There is a refundable set-up fee and a small monthly cost for accessing the COLP reports but you don't have to take the COLP reports and most of the other reports including all the insurance-related reports are free of charge.
- Is there any integration with current systems?
- COMPLETIONmonitor can integrate with case management systems. We are in the process of building integration links with Peapod. Please contact us if you are interested in another CMS provider.
- My firm has a clean claims/compliance record – we never make mistakes. Why do we need your system? (believe it or not, we do get asked this question)
- If you believe that you never have and never will make mistakes then COMPLETIONmonitor is not for you.
- Do Lenders or CQS have direct access to the system?
- No. As stated in our Terms and Conditions your data is secured. COMPLETIONmonitor is partly designed to benefit the firm should the SRA, Lenders or CQS require information, as it provides the firm's COLP with a comprehensive record of your risk and compliance operations, and has been proven to have cut the time taken to audit a firm.
- How secure is your storage?
COMPLETIONmonitor's security is of paramount importance to its design and integrity, and for this reason significant steps have been taken to ensure the application is secured.
COMPLETIONmonitor is hosted on dedicated servers by one of the UK's foremost providers that guarantee 100% uptime of their core network infrastructure. Our systems are monitored 24/7/365 with all data securely and continuously backed up through the day on site with a further off-site backup occurring on a daily basis. No data ever leaves the UK.
- What happens when the SRA regulations of CML (Parts 1, 2 or 3) change?
- The system is designed such that any changes to regulations or lenders requirements can be quickly and easily integrated across the system. COMPLETIONmonitor was developed by property lawyers and risk and compliance professionals, who ensure the system is kept up to date with SRA and CML requirements. In signing up for COMPLETIONmonitor you will also receive LENDERmonitor notifications (the retail price for the notification service is ordinarily £150 plus VAT per month). The Notification Service will alert you when lenders make changes to their Part 2 requirements.
- Will it impact on my IT system?
- COMPLETIONmonitor does not interfere with existing systems that you operate (unless you opt to have it integrated with your case management system). The system can be accessed and operated alongside existing IT systems.
- I'm a sole practitioner, is COMPLETIONmonitor appropriate for me?
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Sole Practitioners are particularly exposed to the requirements of the new SRA regime and are at risk of being swamped by compliance. COMPLETIONmonitor is a scalable solution to risk and compliance and as far as we can tell is the lowest cost solution when combined with ClientCare Monitor. The intuitive system can help you ensure that you meet your risk and compliance obligations without impacting heavily on your valuable fee earning time.
Outcome 7.3 of the SRA Handbook requires law firms to prove that have they have processes to identify and manage risks and compliance, as the SRA moves from a prescriptive attitude to risk and compliance regulation with the introduction of OFR. COMPLETIONmonitor will look at the data and then translate the complicated, targeted approach behind OFR for you and generate reports for you at the click of a few buttons.
- It all seems too good to be true…the cost of the system ultimately covers itself by virtue of the rebate, it covers most of the main areas of risk and will help our COLP…so why don’t all firms take up the system?
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Most firms do sign up for COMPLETIONmonitor once they have seen a demo but approximately 15% firms do not go ahead. The most common objections are as follows:
- The firm asserts that they don’t make mistakes. They have never needed risk management software in the past and have been doing it their own way for years.
- Too many systems. Some law firms say they that their secretaries and lawyers are already operating a multitude of systems. Whilst they recognize that none of the existing systems focus on risk, the staff would be up in arms if management sought to introduce yet another system.
- A firm can build an equivalent system. A number of large law firms with well-financed technology departments have looked at the software and have asked their IT department to see if they could build a similar system. To our knowledge, no firm has succeeded.
- I use Excel, Outlook folders and my case management system to run my risk management. Why do I need COMPLETIONmonitor?
- It’s difficult to meet your obligations as COLP when information related to your compliance obligations is scattered across several general business applications. Cobbling together Excel, email folders and shared drives into a compliance process is time-consuming and can create information gaps that could result in a firm being non-compliant, missing a deadline or making a mistake. This may also lead to continuity issues when key staff leave the firm. COMPLETIONmonitor is a scalable system that centralizes all of a firm’s compliance and risk activities in the conveyancing arena and presents a complete view of main areas of risk and compliance activity via an easy-to-use dashboard.
- Can COMPLETIONmonitor be customized?
- Yes, many of our law firms customize screens and set up rules based on their needs. For example one firm asked us to build a commercial property question set specifically relating to buying and selling dentist surgeries. Other firms have added question sets relating to shared ownership and unregistered land.
- How quickly can COMPLETIONmonitor be installed?
- COMPLETIONmonitor is a web-based service so the setup is quick and efficient. Our professional services team works with the firm’s staff to understand how they are currently handling their conveyancing work (e.g. secretary pools, one-to-one assistants, post-completion clerks etc). Once we determine the process, we will upload all information on to the system. The process typically is 2–8 days, depending on the size of the firm.
- Which search companies integrate with COMPLETIONmonitor?
- COMPLETIONmonitor integrates with a number of search companies including SearchFlow, Searches UK, OneSearch and STL. Depending on the type of search the system will review the data within the search and cross check it to see if the answers input within COMPLETIONmonitor are correct. In certain cases the system can check that the search is not more than six months old at the date of completion as well as identify the number of panning permissions and building regulation approvals. The system can advise the lawyer as to anything unusual in the search such as an enforcement notice or unadopted road. Reports are available to the COLP to highlight cases where there has been a discrepancy.
- What are the costs of COMPLETIONmonitor?
- The cost of COMPLETIONmonitor is £10 plus VAT per case put on the system. Speak to your insurers or broker to see if they will offer you a credit for use of the system. There is no annual registration fees or training fees. It is a pay as you go service.
- What do I need to be able to use the service?
- You will need a computer with the ability to connect and browse the Web and an Internet connection.
- How many people in my firm can use the service?
- There is no limit to the number of people that you can elect to use the service on your account.
- How do I manage users on my account?
- All management of your account is undertaken by a nominated administrator who is able to centrally manage the account. This includes adding, deleting and amending users as well as updating contact details.
- Do I need to use an IT consultant to implement the software?
- You do not need to use a consultant as there is no software to download.
- Is COMPLETIONmonitor a Case Management System?
- No. COMPLETIONmonitor can be integrated or can sit independently of existing case management systems. Whilst COMPLETIONmonitor will provide the conveyancer with an holistic view of their current transactions and a workflow for all post-completion activity it is not a case management system.
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